Wednesday, December 10, 2008
FIRST TIME: Treasury Bills Trade at Negative Rates...
World Bank predicts global gloom: The Bank said a deep global recession could not be ruled out.
UK: The great credit card scandal: Credit card companies are facing an investigation by competition watchdogs after defying government warnings to improve their lending practices.
Sony to cut 8,000 jobs, 4 percent of work force: - Sony Corp. is slashing 4 percent of its worldwide work force, reining in spending and shutting plants as it tries to ride out a looming worldwide recession that is battering Japan's export-reliant manufacturers.
Coming soon to U.S., 1 million jobs lost every month: Report: London-based GFC Economics is making a frightening prediction: By spring 2009, the United States could be facing more than 1 million layoffs every successive month.
Economy bad all over -- even before current crisis: New census data shows that throughout the first half of the decade, the slumping economy touched nearly every community in the country. Incomes dropped while poverty and unemployment rose in the vast majority of the nation's cities and towns.
10 clues: A new bubble is blowing: Bet on Wall Street hyping a recovery, big earnings, new bull in 2009
U.S. to announce rescue for corporate credit unions: Journal: Some major corporate credit unions, whose finances have been hurt by losses on mortgage-backed securities, are the subject of a federal rescue plan to be announced this week, The Wall Street Journal reported
Investors Buy $32 Billion in Treasury Bills with ZERO Yield: . Why would anyone be willing to make an investment in which they are guaranteed to make nothing? The one word answer is “Fear.”
Tuesday, November 4, 2008
No Currency Left to Buy the Big Lies
By John Cusack
No more money left to pay off the debt, the wreckage in the wake. The orgy of excess has drained every bottle, smashed the furniture and left the cupboards bare. All that's left is derivative debts -- bets between liars and lies. Trillions of dollars. It turned capitalism into a Ponzi scheme for trading worthless paper. Continue
Eurozone edges towards recession: The worst financial crisis for generations has driven the European economy to the brink of recession and economic growth will come close to a standstill in 2009, the European commission has warned.
Spain Lets Jobless Postpone Half of Mortgage Payments : Spain will allow unemployed workers to put off paying half their monthly mortgage payments for two years, Prime Minister Jose Luis Rodriguez Zapatero said today, part of a series of measures aimed at softening the impact of a shrinking economy.
The Fed as a central bank to the world: While the French President dreams of global economic cooperation ahead of the G20 summit in Washington, the Fed is quietly becoming central bank to the world, backed by the full might of the U.S. Treasury and a teflon-coated greenback.
Effectiveness of AIG's $143 Billion Rescue Questioned: "What we see now are a lot of games by the government to keep these institutions going with a lot of cash," she said. "This is to fill holes in companies' balance sheets, and they're trying to hold at bay the charges that our financial system is insolvent."
Manufacturing activity at 26-year low: Business research group says its index fell to recessionary level. - Employment in the manufacturing sector fell for the third month in a row
Circuit City to shut 155 U.S. stores to preserve cash: Struggling electronics retailer Circuit City Stores Inc. said Monday that it's shutting 155 U.S. underperforming stores, reducing future store openings and aggressively renegotiating certain leases to help preserve cash after its liquidity deteriorated and its vendors tightened the company's payment terms.
Debt linked to huge buyouts is tightening the vise: "There's absolutely going to be a lot of pain to go around," said Josh Lerner, a professor of investment banking at Harvard Business School. "The big question is how apocalyptic it will be."